US pharmaceutical giant BioMarin is to buy a former Pfizer site in Cork and create 100 new jobs.

BioMarin focuses on the treatment of rare diseases and has a number of medicines in late stage development and will operate out of the 133,000 sq ft factory in Shanbally, Cork.

The IDA-backed jobs will be created over the next five years following the $48.5m (€34m) purchase of the site.

Welcoming the move today, Minister for Enterprise Richard Bruton said: “If we are to get out of the crisis we’re in, one crucial aspect of this will be to build on our traditional strengths as an economy.”

He added the pharmaceutical industry has developed into a particular strength of the Irish economy in recent years: most of the world’s leading companies in the field have a presence here and we have developed an industry which plays a global role out of all proportion to the size of our economy.

“However it is crucial that we continue to set and meet ever more ambitious targets in this area. With the right policies success can breed more success, and I am determined that we must build on our strengths in this sector and today’s very welcome announcement to create further jobs and get our country back to work”.

Pfizer confirmed last year that the plant would close with the loss of 75 full-time jobs if it was unable to find a buyer for the facility in the intervening months.

However, it still employs over 4,000 people in Cork, Dublin, Kildare and Limerick.